The customer experience (CX) encompasses every interaction a customer has with a company, from initial contact to post-purchase support. According to a recent report by Forrester, companies that excel in CX see revenue growth that is 5.1 times higher than those that lag behind. This statistic underscores the direct correlation between a streamlined customer experience and revenue generation.

To optimize CX, CROs need a comprehensive understanding of customer touchpoints and pain points. Mapping out the customer journey is crucial in identifying areas where improvements can be made. “Understanding your customer’s journey allows you to pinpoint where they may encounter friction and address it proactively,” says Amy Brown, a CX consultant.

Leveraging Technology for Enhanced Customer Experience

Technology plays a pivotal role in streamlining customer interactions. AI, automation, and advanced data analytics are transforming how companies engage with their customers. Here’s how CROs can leverage these technologies:

• Artificial Intelligence (AI): AI-powered chatbots and virtual assistants can handle routine customer inquiries, providing instant responses and freeing up human agents for more complex issues. “AI can significantly reduce response times and improve the overall efficiency of customer service operations,” notes John Smith, an AI solutions expert.
• Automation: Automating repetitive tasks such as order processing and follow-up emails can enhance operational efficiency. Automation tools can also help in personalizing customer interactions based on their past behaviors and preferences. “Automated systems can deliver a consistent and personalized experience at scale,” says Lisa Green, a digital transformation specialist.
• Data Analytics: Advanced analytics enable CROs to gain deeper insights into customer behavior, preferences, and pain points. By analyzing data from various touchpoints, companies can tailor their strategies to better meet customer needs and anticipate future demands. “Data-driven decisions are key to understanding and improving the customer experience,” asserts David Lee, a data analytics consultant.

Best Practices for Streamlining Customer Experience

To effectively streamline customer experience, CROs should consider implementing the following best practices:

• Personalization: Tailoring interactions based on customer data can significantly enhance their experience. Personalized recommendations, targeted offers, and customized communication make customers feel valued and understood. “Personalization is not just a trend; it’s an expectation. Customers expect experiences that are relevant to them,” explains Sarah Thompson, a customer engagement strategist.
• Omnichannel Support: Providing consistent support across multiple channels, including phone, email, chat, and social media, ensures that customers can engage with the company in their preferred way. An omnichannel approach helps in maintaining continuity in customer interactions and improving satisfaction.
• Feedback Mechanisms: Regularly collecting and analyzing customer feedback helps in identifying areas for improvement. Surveys, reviews, and direct feedback channels provide valuable insights into customer experiences and expectations. “Feedback is a goldmine for understanding your customer’s needs and areas where your service might fall short,” advises Mark Johnson, a customer experience researcher.
• Training and Development: Investing in training for customer service representatives ensures that they have the skills and knowledge to provide excellent service. Continuous development programs can help staff stay updated with the latest tools and techniques in customer service.

Measuring the Impact of Customer Experience Improvements

To gauge the effectiveness of customer experience improvements, CROs should track key performance indicators (KPIs) such as customer satisfaction scores, Net Promoter Scores (NPS), and customer retention rates. These metrics provide a clear picture of how well the changes are resonating with customers and their impact on revenue.

• Customer Satisfaction Scores (CSAT): CSAT surveys measure customers’ satisfaction with specific interactions or overall service. Higher scores generally correlate with better customer experiences and can indicate successful streamlining efforts.
• Net Promoter Score (NPS): NPS measures customer loyalty and the likelihood of customers recommending the company to others. A high NPS is often indicative of a positive customer experience and can drive organic growth through referrals.
• Customer Retention Rates: Retention rates reflect the company’s ability to keep customers over time. Improved retention rates often result from better customer experiences and can lead to increased revenue through repeat business.

Case Studies: Successful CX Streamlining

Amazon: Revolutionizing the Shopping Experience

Amazon has set the gold standard for e-commerce by prioritizing a seamless customer experience. The company’s use of artificial intelligence (AI) for personalized recommendations is a key factor in its success. “Amazon’s recommendation engine drives about 35% of its revenue,” explains Aimee Smith, a retail analyst at Forrester. “By leveraging AI, Amazon tailors product suggestions based on customer behavior, which significantly enhances the shopping experience.”

Additionally, Amazon’s robust logistics network ensures rapid delivery times, a critical component of its customer satisfaction strategy. “Amazon’s investment in its supply chain and fulfillment centers is unmatched,” notes Robert Harris, a supply chain expert. “Their ability to offer same-day or next-day delivery has set a new benchmark in the industry and contributes to their high customer retention rates.”

Amazon’s customer-centric approach extends beyond technology. The company’s hassle-free return policy and exceptional customer service further cement its reputation. “Amazon’s return policy is designed to remove friction from the shopping process, making it easier for customers to make purchases without fear of commitment,” adds Sarah Thompson, a customer experience strategist.

Zappos: The Power of Exceptional Service

Zappos, an online shoe and clothing retailer, is renowned for its commitment to exceptional customer service. The company empowers its employees to go above and beyond in assisting customers, a strategy that has paid off in customer loyalty and revenue growth. “Zappos’ approach to customer service is all about creating emotional connections with customers,” says John Doe, a customer service expert. “Their employees are trained to deliver memorable experiences, which translates into high customer satisfaction and strong brand loyalty.”

One of Zappos’ standout practices is its 365-day return policy, which allows customers to return products for any reason, even if it’s been a year since the purchase. “This generous return policy demonstrates Zappos’ confidence in its products and commitment to customer satisfaction,” explains Jane Williams, a retail consultant. “It’s a key factor in building trust and fostering long-term relationships with customers.”

Furthermore, Zappos places a strong emphasis on employee satisfaction as a means to improve customer experience. “Zappos understands that happy employees lead to happy customers,” notes Mark Johnson, an organizational behavior specialist. “By investing in employee training and creating a positive work environment, Zappos ensures that its team is motivated to deliver exceptional service.”

Netflix: Personalized Content Delivery

Netflix offers another compelling example of how streamlining customer experience can drive revenue. The streaming giant’s recommendation algorithm is central to its strategy, providing personalized content suggestions based on viewing history and preferences. “Netflix’s algorithm is one of the most sophisticated in the industry,” says Emily Brown, a media and technology analyst. “It helps users discover new content, keeping them engaged and reducing churn.”

Netflix’s focus on personalization extends to its user interface, which is designed to be intuitive and user-friendly. “The simplicity and ease of use of Netflix’s interface contribute to a seamless viewing experience,” explains Alex Green, a UX designer. “This attention to detail helps in retaining subscribers and increasing overall customer satisfaction.”

Moreover, Netflix’s investment in original content has been a game-changer. “By producing original shows and movies, Netflix not only differentiates itself from competitors but also creates unique value for its subscribers,” notes Michael Thompson, a content strategist. “This strategy has helped Netflix attract and retain a large and loyal customer base, contributing to its revenue growth.”

Apple: Integrating Hardware and Software for a Cohesive Experience

Apple’s success in streamlining customer experience is exemplified by its integration of hardware and software across its product ecosystem. “Apple’s seamless integration between its devices and services creates a cohesive user experience that is hard to match,” says Laura Carter, a tech industry analyst. “This integration ensures that customers have a smooth and consistent experience across all their Apple products.”

The company’s focus on design and usability is another key factor in its success. “Apple’s attention to detail in design and user experience is evident in every product they release,” notes David Lee, a design expert. “This commitment to excellence enhances the overall customer experience and drives brand loyalty.”

Additionally, Apple’s customer service, including its Genius Bar and online support, plays a crucial role in maintaining high levels of customer satisfaction. “Apple’s customer service is designed to be accessible and helpful, providing users with support when they need it,” explains Sarah White, a customer service consultant. “This comprehensive support system reinforces the company’s commitment to delivering a superior customer experience.”

These case studies illustrate how leading companies successfully streamline customer experiences to drive revenue and enhance customer satisfaction. By adopting similar strategies, CROs can significantly impact their own organizations’ growth and success.

A Critical Strategy

For Chief Revenue Officers, streamlining the customer experience is a critical strategy for driving revenue growth. By leveraging technology, adopting best practices, and measuring impact, CROs can enhance customer interactions, boost satisfaction, and ultimately increase revenue. As the business landscape continues to evolve, maintaining a focus on optimizing the customer experience will be crucial for staying competitive and achieving long-term success.

“Our investment is not just about catching up with the AI trend,” Russell stated. “It’s about leadership in transforming core business processes across industries. We are seeing our clients achieve remarkable improvements in operational efficiency and decision-making through AI integration.” Russell’s comments underscore the strategic importance of AI in SAP’s vision for the future, where technology is seamlessly integrated into everyday business activities.

SAP’s aggressive push into AI is a response to the robust growth in demand for cloud services, evidenced by a 25% growth rate in SAP’s cloud revenues in the Asia Pacific and Japan regions alone. “Businesses are rapidly transitioning to the cloud, seeking tools that can offer both agility and power in processing their most critical data—customer insights, supply chain logistics, and financial operations,” Russell explained.

SAP’s AI investment focuses on enhancing its existing platforms, allowing businesses to leverage sophisticated AI tools without the need for separate, standalone solutions. Russell emphasized the practical applications of these advancements: “Whether it’s making supply chains more resilient, improving financial performance, or elevating customer service, our goal is to embed AI deeply into our core applications, enabling all these enhancements through a single integrated platform.”

https://www.youtube.com/watch?v=ihS6PqQbIUc

Highlighting the global nature of modern businesses, Russell pointed out the strategic necessity of being able to operate and innovate across borders. “Our customers are not just looking for tools that work in isolation but solutions that span globally, ensuring data governance and security across diverse regulatory environments,” he said. This approach is critical in regions like Asia, which Russell described as a “growth engine” for SAP, thanks to its rapid adoption of cloud technologies and AI.

In discussing the challenges of sourcing hardware amid global supply constraints, Russell noted the importance of partnerships. “The beauty of SAP’s AI strategy is our ability to abstract and leverage the best capabilities from large language models and computing power from partners like Microsoft, doing so in a secure and reliable manner that our customers expect from us,” he said.

As for the future, Russell was optimistic about integrating AI into business processes, believing that this technology is essential for companies aiming to stay ahead in a competitive global market. “We’re not just implementing AI; we’re transforming the way businesses operate. Our AI investments will allow companies to harness critical insights and operational capabilities that were previously unimaginable.”

SAP’s commitment to AI reflects a broader industry trend where large enterprises are not only adopting but also significantly investing in AI to maintain competitive advantages. With its $1 billion investment, SAP is poised to lead this shift, promising to deliver solutions that are not only technologically advanced but also strategically aligned with the needs of global businesses today.

Recently, at the Daily Bolster, a platform dedicated to sharing real-world experiences and practical advice from transformational executives, Mike Hard, a seasoned fractional CRO, shared his insights gleaned from years of experience in scaling businesses and driving revenue growth. In a candid conversation with Matt Lumber, co-founder and CEO of Bolster, Mike delved into the pivotal question facing many CEOs and founders: When is the right time to hire your first Chief Revenue Officer?

“Timing is crucial when considering the introduction of a CRO,” Mike emphasized, reflecting on his extensive experience in the field. “You want to ensure that your business is ready to scale, with a proven, repeatable sales motion in place.”

Drawing on his wealth of experience, Mike highlighted the necessity of achieving operational readiness before scaling efforts. “It’s not just about hitting a certain sales volume,” he explained. “You need to deeply understand your sales process, from deal cycle to pipeline management, to ensure scalability.”

Moreover, Mike cautioned against the common pitfalls associated with prematurely hiring a CRO. “Bringing in a CRO too early can compound existing challenges rather than solve them,” he warned. “It’s essential to align the timing of hiring with the actual readiness of the business to scale.”

In addition to timing, Mike emphasized the importance of selecting the right candidate for the role. “It’s not enough to hire someone with a track record of success at large corporations,” he advised. “You need a candidate who understands the unique dynamics of a scaling startup environment and possesses the agility to navigate its complexities.”

Furthermore, Mike stressed the importance of fostering open communication and collaboration with the CRO. “CEOs and founders should view the CRO as a strategic partner rather than a mere functionary,” he urged. “By actively engaging with the CRO and seeking their insights, businesses can unlock new opportunities for growth and innovation.”

Mike’s insights offer valuable guidance for CEOs and founders navigating the complexities of scaling their businesses. By understanding the pivotal role of timing, candidate selection, and collaboration in hiring a CRO, companies can position themselves for sustainable growth and success in an increasingly competitive market landscape. As the business landscape continues to evolve, fractional CROs are poised to become increasingly indispensable, offering businesses the strategic expertise and agility needed to thrive in an ever-changing environment.

Schiller elucidated VOX Media’s ethos, emphasizing its commitment to igniting culture and inspiring action through its 18 brands, each catering to unique audiences. He remarked, “Our Brands are all bound by their ability to ignite culture and inspire action. We’re not just reporting on trends; we’re shaping them.”

Delving deeper into the essence of VOX Media’s content strategy, Schiller highlighted the company’s focus on creating culture rather than merely amplifying it. He said, “We spot trends in the wild and bring them to the masses. Whether it’s coining a term like ‘foodie’ or influencing popular TV shows, our goal is to shape conversations.”

The conversation pivoted to the burgeoning realm of podcasting, where VOX Media has made significant strides in recent years. Schiller emphasized the company’s commitment to diversifying its content offerings: “We’re growing our podcast network by signing new talent like Esther Perel and Brené Brown. Podcasting offers a unique platform for us to engage audiences in meaningful conversations.”

Addressing the role of AI in content creation, Schiller emphasized VOX Media’s cautious approach, prioritizing machine learning over generative AI to enhance user experiences while preserving journalistic integrity. He stated, “We believe in leveraging AI to improve user experiences but are mindful of the ethical implications. Human talent remains essential in driving meaningful content creation.”

Looking ahead to the future of media, Schiller offered insights into the evolving landscape of connectivity and personal interaction. He envisioned a future where digital experiences mirror real-life interactions, fostering deeper connections among individuals. “With emerging technologies like holographic communication, we’re entering an era where digital experiences feel as authentic as face-to-face interactions,” he remarked.

As CES 2024 continues to unveil groundbreaking innovations, VOX Media remains at the forefront of media evolution, poised to navigate the ever-changing landscape with innovation and foresight.

In the dynamic realm of media, VOX Media’s commitment to authenticity, innovation, and audience engagement continues to shape the conversation, offering a glimpse into the future of journalism in the digital age.

Reflecting on his journey, Zwizinski shared, “I’m an ex-coder and recovering CRO, so a little bit of both. I grew up very technical in nature and enjoyed coding through university. But then I transitioned to the ‘dark side’ of sales when I realized we were doing it wrong. It wasn’t just about commissions but about leadership pushing misguided strategies.”

Market Insight through Sales Lens

Central to Zwizinski’s discourse is the symbiotic interplay between marketing and sales functions. As a seasoned CRO, he accentuates the imperative for marketing leaders to actively immerse themselves in the realm of sales, advocating for their direct involvement in sales calls and customer engagements. He emphasized, “Marketing needs to be in the trenches with sales, hearing from customers firsthand. It’s about getting into every stage of the sales cycle and post-sale and truly understanding customer sentiment.”

Furthermore, Zwizinski underscored the need for continual refinement of the ideal customer profile (ICP) and buyer personas. “We can’t rely on outdated assumptions,” he cautioned. “We need to leverage data-driven insights gleaned from sales interactions and churn data to effectively recalibrate our targeting strategies.”

Alignment and Collaboration

The dialogue extends to the criticality of aligning goals and expectations between marketing and sales teams. Zwizinski espouses transparent communication and collaborative goal-setting, advocating shared metrics and accountability frameworks. He emphasized, “Nurturing a culture of collaboration is key. By aligning goals and fostering synergistic relationships, organizations can propel themselves towards shared revenue objectives with unified resolve.”

In sum, Zwizinski’s elucidations furnish a compelling narrative on the evolving role of the CRO and the pivotal significance of bridging the schism between marketing and sales realms. As enterprises navigate the choppy waters of an increasingly competitive landscape, Zwizinski’s sagacious perspectives serve as a beacon of guidance for steering sustainable revenue growth and fostering cohesion across pivotal revenue-driving functions.

Weir’s illuminating discourse commenced with exploring the organizational dynamics within G2’s esteemed C-suite. Positioned alongside the CEO, the CRO assumes a pivotal role, collaborating closely with counterparts such as the Chief Marketing Officer (CMO), Chief People Officer, Chief Product Officer, and soon-to-be Chief Financial Officer. This multifaceted executive ensemble underscores the strategic imperative of having a dedicated leader overseeing revenue generation, customer success, partnerships, revenue operations, and overarching strategic direction.

“The CRO role is not merely about driving sales; it’s about orchestrating a symphony of revenue-generating activities and aligning them with our broader organizational objectives,” remarked Weir, elucidating the nuanced responsibilities inherent in his role. “It’s about fostering cross-functional collaboration and harnessing collective expertise to drive sustainable growth.”

Delving deeper into the origins of the CRO role at G2, Weir provided invaluable insights into its inception amid the tumultuous backdrop of the COVID-19 pandemic. “The pandemic served as a catalyst for organizational introspection, prompting us to reevaluate our revenue strategy and fortify our revenue-generation capabilities,” Weir remarked. “The creation of the CRO position epitomized our commitment to standardizing and scaling revenue operations, thereby enabling us to navigate the uncertainties and capitalize on emerging opportunities.”

The discourse seamlessly transitioned into exploring the symbiotic relationship between the CRO and Chief Financial Officer (CFO), two indispensable pillars of organizational stewardship. Weir expounded on the complementary nature of their roles, with the CFO delineating long-term financial objectives and the CRO operationalizing these strategies to drive revenue growth and resource allocation. “It’s not a dichotomy but a symbiosis; the CFO sets the financial compass, and the CRO charts the course to achieve our revenue targets,” remarked Weir, underscoring the collaborative ethos underpinning their partnership.

Weir’s profound insights into the convergence of sales and marketing echoed throughout the discourse, underscoring the pivotal role of the CRO in fostering alignment and synergy between these critical functions. Drawing upon his eclectic background in marketing, Weir emphasized the imperative of adopting a customer-centric approach and fostering cross-functional collaboration to drive revenue growth. “As a former marketer, I bring a unique perspective to the CRO role, one rooted in empathy, strategic foresight, and a deep understanding of customer needs,” remarked Weir. “It’s about transcending silos and fostering a culture of collaboration, innovation, and customer-centricity.”

The dialogue culminated in reflecting on the diverse pathways to the CRO role and the intrinsic value of varied backgrounds in driving organizational success. Weir extolled the virtues of his marketing pedigree, citing its pivotal role in cultivating empathy, strategic insight, and cross-functional collaboration. “Diversity of thought and experience is the lifeblood of innovation and growth,” remarked Weir. “Whether hailing from sales, marketing, or revenue operations, what truly matters is our collective commitment to driving sustainable growth and fostering a culture of excellence.”

As the discourse drew to a close, Weir’s profound insights reverberated, underscoring the pivotal role of the Chief Revenue Officer in shaping organizational strategy, fostering cross-functional collaboration, and driving sustainable growth in an increasingly complex and competitive business landscape. Indeed, the evolution of the CRO role stands as a testament to the transformative power of visionary leadership, strategic foresight, and unwavering commitment to organizational excellence.

A journey that began in 1994, where the mere mention of Stanley Cups in the same breath as hot products of the future would have drawn laughter, has culminated in a staggering revenue surge for the company. From $74 million in 2019 to a staggering $750 million in 2023, the trajectory of Stanley’s success is nothing short of remarkable.

But beyond the numbers lies a masterclass in effective product marketing and the art of harnessing cultural momentum. As one observer notes, “with the Stanley Cup brand, you’re not just buying into a product, you’re buying into a community.” This sense of belonging, of being part of a tribe united by hydration, is a powerful draw that transcends mere utility.

With their blue-collar, utilitarian roots, Stanley Cups have managed to reinvent themselves for a new generation, thanks in no small part to the visionary leadership of Terrence Riley, the company’s president. Riley, no stranger to transforming the mundane into the desirable, previously worked his magic at Crocs, turning them into a fashion statement during his tenure as Chief Marketing Officer.

The secret to Stanley’s success lies not just in the quality of its products but also in its ability to cultivate a sense of exclusivity and community. Limited editions, scarcity, and the power of social commerce have all contributed to fueling the brand’s meteoric rise. While success has not been without its challenges, including instances of uncivilized behavior and concerns over product safety, Stanley remains undeterred.

In a world where brands vie for attention in an increasingly crowded marketplace, Stanley Cups have managed to cut through the noise by tapping into something deeper than mere consumerism. It’s not just about owning a product; it’s about being part of a movement, a cultural phenomenon that transcends boundaries.

As one industry insider muses, “We are all desperate to connect, belong, express who we are.” In Stanley Cups, many have found not just a water bottle, but a symbol of identity, belonging, and aspiration. And in a world where authenticity is currency, Stanley Cups are the real deal.

With eCommerce growth continuing at an exponential rate, supply chain visibility has become increasingly important for companies looking to remain competitive in today’s digital marketplace. Not only do businesses need to meet customer demands for fast delivery times, but they also need to manage costs, minimize losses, and ensure security. 

Be that as it may, only 65% of companies are able to report full visibility across their supply chains, and 43% of small businesses are not tracking inventory levels at all. With economic uncertainty on the horizon and customer expectations at an all-time high, now is the time to invest in supply chain visibility so you don’t find yourself falling behind while your competition sails away with their loyal customers.

Benefits of Supply Chain Visibility for Ecommerce Businesses

There are a multitude of benefits to be realized through the implementation of supply chain visibility in eCommerce. These include:

Improved customer satisfaction and loyalty

The more visibility you have into your own supply chain, the better equipped you are to anticipate customer needs and deliver products in a timely manner. With improved visibility, eCommerce businesses can increase customer satisfaction by reducing their response times, improving delivery accuracy, and providing customers with real-time updates about the status of their orders. This helps foster greater loyalty from customers, which in turn increases the likelihood of repeat business.

Reduced costs associated with inventory management

“Knowing inventory costs is extremely important because they affect the majority of decisions one makes as a retailer,” explains Abir Syed, co-founder of UpCounting, an eCommerce accounting firm.

Unsurprisingly, inventory management is the single largest expense for eCommerce businesses. For every dollar a US retailer generates through revenue, they have $1.35 tied up in inventory. As such, being able to accurately track and monitor inventory levels is essential for minimizing losses and maximizing efficiency.

By leveraging supply chain visibility technology, businesses can reduce the amount of inventory they need to keep in stock and their associated costs. This can be achieved through better forecasting and planning, more precise order fulfillment processes, and improved inventory accuracy.

Increased efficiency and speed of delivery

Knowing where products are throughout their journey allows businesses to better plan and adjust for delays, ensuring customers get their items as quickly as possible. Supply chain visibility also facilitates increased collaboration between all parties involved in the delivery process, allowing for a transparent and overall more efficient supply chain.

Enhanced flexibility and scalability in supply chains

As the demands of customers and markets shift, businesses need to be able to quickly adjust their supply chains accordingly. With supply chain visibility, businesses can quickly adapt to changing conditions, such as unexpected spikes in demand or supply disruptions. This increased flexibility and scalability of the supply chain is essential for businesses to remain competitive and responsive. This scalability also benefits businesses as they grow and expand into new markets. 

Increased control over returns management 

Returns are an unavoidable part of eCommerce and managing them can be difficult. Supply chain visibility gives businesses the ability to track a returned item as it moves through the supply chain and make adjustments to minimize losses. This includes tracking returned items on their journey back to the supplier, identifying potential issues and quickly resolving any discrepancies.

Challenges of Implementing Supply Chain Visibility

While the benefits of supply chain visibility are clear, there are still some challenges associated with its implementation. These include:

Establishing and maintaining relationships with suppliers

Before any supply chain visibility technology can be deployed, businesses need to build relationships with their suppliers. This requires open communication and collaboration between all parties involved, as well as a certain level of trust.

“When it comes to choosing partners, it’s wise to do some research to ensure the best deal possible while emphasizing transparency and flexibility. This is invaluable during times of frequent supply chain disruption,” explains Roei Yellin, Co-Founder & Chief Revenue Officer of 8fig, a planning and funding platform for eCommerce companies. 

“Sellers shouldn’t be afraid to negotiate for a better deal and they should make sure that communication is open and honest. This is true of suppliers, 3PLs (third-party logistics providers) and any other partners brought in to help manage the supply chain,” concludes Yellin.

Complexity of the supply chain and data formats

Securing buy-in from all parties and managing the data exchange between different organizations is challenging. Not only do various supply chain participants have differing needs and processes, they also use different systems. Unifying these systems and ensuring harmonious data exchange can be difficult.

To overcome this, businesses need to create a single source of truth that all supply chain participants can work from. This means creating common protocols and standards that all parties are comfortable with and can adhere to, and potentially leveraging a third-party solution to manage the data exchange.

Costs associated with technology and infrastructure

The technology and infrastructure required for supply chain visibility can be costly. Businesses need to invest in the right hardware, software, and people to ensure that the system is secure and effective.

Fortunately, there are solutions to this issue. RFID and code-based tracking solutions, in particular, are relatively inexpensive and easy to implement. Companies such as Scurri allow you to easily create a single bar code for all carriers, as well as a reporting dashboard that gives you full control over your operations with actionable insights. 

Cybersecurity concerns

Data is the lifeblood of supply chain visibility and ensuring its security is paramount. However, supply chains are coming under increasing attack from hackers and malicious actors, making them vulnerable to data theft and manipulation.

In fact, 97% of organizations say they have experienced the negative consequences of a supply chain cyber breach within their operations, demonstrating just how prevalent these attacks have become.

As such, businesses need to ensure that they have the appropriate protocols in place to protect their data from cyber-attacks. This includes using secure networks and encryption, as well as regularly auditing system access and usage. Multichannel cyber security solutions, such as VMware, can also be of great help in mitigating cyber risks.

Conclusion

Supply chain visibility is becoming increasingly important in today’s volatile and highly competitive marketplace. However, if businesses are to reap the full benefits of a visible supply chain, they must first overcome the various challenges associated with implementation.

Ultimately, with careful planning, a comprehensive approach to risk management, and the right technology in place, businesses can ensure that their supply chain visibility efforts are successful and that they remain agile and competitive in the long run. 

Sales Challenges to Look Out For

Enterprises encounter many sales challenges in their pursuit of success. Here are several key obstacles in today’s market:

• Buyers expect personalized content: A TELUS survey found 43% of customers prefer personalized interactions in the buyer journey. This is a challenge for businesses, especially those who use a one-size-fits-all approach to lead generation and nurturing. People clamor for a personalized touch in a follow-up email and deal offers. The more they connect with the product or service, the better the chances they will hit that “buy” button.
• Longer sales cycles: Long sales cycles are part of the sales process. It is a challenge every brand faces, especially those that require high initial investments. Long sales cycles require more resources, and significant time and effort from sales and marketing teams. Buyers now have more power over the sales process than ever. Many prefer to research product features, benefits and reviews on their own until they are ready to purchase.
• AI concerns: Early adoption of emerging technologies like artificial intelligence (AI), machine learning (ML) and automation can be costly for many businesses. They require significant investment in tools, staff training, progress tracking and more. Enterprises that refuse to ride the wave will be left out by those who do. Of course, using AI in business has many caveats firms should also consider.
• Social selling: Social selling is making waves in the industry. LinkedIn data shows 78% of salespeople outsell their peers who do not use social media in their sales processes. Consumers are everywhere, especially on social networking sites. Sales teams can generate and nurture leads by engaging consumers directly through their mobile devices.
• Sales and marketing disconnect: Marketing and sales go hand in hand. Both departments should align to make effective campaigns, pass high-quality leads and close deals. A disconnect between the two can create many challenges for everyone in the organization. Improving sales and marketing alignment can drive growth and generate revenue for any company.

Tips on How to Overcome Business Obstacles and Close the Deal

Organizations should look at sales challenges and see opportunities for growth instead of just obstacles. Here are some tips to overcome them.

Leverage Tools

Improving sales and marketing alignment can help overcome sales challenges in one fell swoop. Companies should invest in tools to help their teams work better together. Customer relationship management (CRM) systems offer intuitive features that help boost sales and marketing collaboration and consumer engagement.

Equipping workers with the right software and information can improve their performance and ability to close deals. A good CRM can show sales and marketing teams relevant data about existing campaigns, and help them derive actionable insights. Since CRMs have communication functions and scheduling systems, they can build rapport with prospects and send personalized follow-up emails to hot leads right on time.

Prioritize Personalization

Customer preferences change quickly, especially now that they have more resources at their disposal to research relevant information about a product or service they are interested in. Personalized marketing will play a massive role in nurturing leads and closing deals, so brands should tailor their sales approach depending on the type of lead they are pursuing.

Use surveys to study behaviors and create relevant buyer personas to make personalized reminders via multiple channels. Staying close to prospective consumers while being unintrusive can help sales teams react quickly when buying signals reveal themselves. The process is largely emotional — connecting with consumers is an excellent way to make them feel seen and understood, leading to more verified sales and revenue.

Build Trust and Shorten the Sales Cycle

Consumers can be indecisive, even the interested ones. Companies that use the traditional sales funnel may need to adjust their strategies to make the buying process as frictionless as possible. Marketing teams must work harder to build authority and consumer trust by providing more valuable information through content marketing and other engaging channels. Adopting a user-centered approach to sales also makes users feel more important in their buying journey.

Long sales cycles are detrimental to any firm, so it is essential to see which interactions work and which do not. Tracking key performance indicators, user engagement, lead scores and other metrics can help businesses devise stronger strategies and shorten the sales cycle. Enterprises should also consider making more enticing deals and offering multiple price tiers for products and services that fit different consumer budgets. Highlighting these high-value offers can help get people to take action faster.

Supercharge Different Functions With AI

Early AI adoption can help brands overcome sales challenges by maximizing their augmenting capabilities. Instead of fighting against AI and other technologies, sales and marketing teams should use them to make quick work of labor-intensive tasks.

AI tools can help organizations stay on top of their lead generation and nurturing processes by identifying prospects in a sea of visitors and interested users. Marketing teams can also derive valuable insights from user analytics and behavioral patterns to create personalized recommendations and reminders. Emerging technologies are here to stay — the quicker firms realize their potential in overcoming sales challenges, the faster they can react to changing conditions.

Implement Social Selling

While selling an excellent product is a sales tactic itself, supplementing it with good social interaction and engagement can help secure leads and close deals. Consumers yearn for a human touch whenever they need to decide whether to make a purchase. Integrating social selling into sales can help catch consumers’ attention and influence positive purchase decisions.

Sales and marketing teams should leverage social networks — whether B2B or B2C — to improve brand visibility and recognition. An excellent product will sell itself, but it also helps if brilliant salespeople attract attention and pique people’s interest. Treating social media as a valuable resource can be the deciding factor between a successful product launch and lackluster sales.

Conquering Sales Challenges Drives Business Growth

Organizations must constantly adapt to the evolving business environment. Part of that means catering to people’s ever-changing needs and preferences. Any company that wants to secure its future must pour time, effort, and resources into its sales and marketing strategies to conquer obstacles and turn them into business opportunities.

Remote web designers are among those who have benefitted the most from the substantial increase in the distributed workforce. Typically, these professionals can do their work anywhere with a stable internet connection. They have essential expertise in today’s highly digitized and internet-driven world, using their skills to create or improve a website’s layout, usability and overall appearance. 

Suppose you own or manage a small business or you’re in the design or marketing fields. You’ll likely encounter numerous situations where hiring web designers could help you strategically grow your business by meeting new or pressing needs.

One of the great things about hiring web designers who work remotely is that you greatly expand the potential hiring pool. Here are some top tips to apply if you’re considering this approach. 

Write Sufficiently Detailed Job Descriptions

It’s always wise to provide plenty of specifics in your job descriptions. However, that’s particularly essential when appealing to remote candidates — including those in other time zones or countries. They can’t necessarily pick up the phone for quick clarifications on questions that arise. 

That’s why you must put yourself in their position and think about what they’d most likely want or need to know. Start with the basics you’d tell anyone thinking about applying, such as: 

• Minimum education level or years of experience
• Tools or programs the applicant should know well
• Desired hard and soft skills 
• Salary range
• A brief description of benefits  
• A blurb about the company’s values
• The job’s closing date

Additionally, add content about remote working requirements and the overall experience, including: 

• Work completion time frames
• Language requirements 
• Minimum internet speed 
• Equipment provisions
• Tax specifics 
• Travel needs 

Diving Into the Particulars

Perhaps you’re fairly flexible about when remote web designers do their tasks, as long as at least half their workdays occur between 8 a.m. and 6 p.m. Eastern time. You might also require applicants to be fluent English speakers and prefer they know at least one other language at an advanced level. 

If you worry about web designers completing assignments on outdated computers or slow connections, one of the best workarounds is to provide their equipment as a remote working benefit. Remote workers will also need to know whether the job will require any travel, and, if so, how often. Many people require visas before traveling, and some may need updated passports before confirming to your company that they’re ready to travel when required. 

Finally, clarify whether remote workers have specific tax responsibilities. If you’re hiring them as independent contractors, their countries of residence will likely require them to calculate taxes to pay to the relevant revenue authorities. But, if they’re employees, the amounts will be taken out of every paycheck. 

The clearer you are with the information, the better the chance people will apply with confidence and little or no confusion. It’s also useful to mention if unsuccessful applicants will get added to a database and considered for future opportunities. If you take that route, be upfront about it and make sure to comply with all relevant data retention and usage laws. 

Plan and Arrange Interviews and Pre-Hire Tests

As more companies hire remote web designers and other employees who can work from anywhere, decision-makers realize they can expand beyond interviews and screening practices. Although in-person interviews may happen in some cases, you may decide to stick to Zoom, phone calls and other methods that don’t require an applicant to be in the same room as you.

You might also ask people to show evidence of their skills by doing test projects you assign them. That’s a common and beneficial strategy when engaging with candidates who have already gone through multiple interview rounds. 

When determining when to hold interviews, keep potential time differences in mind. Some scheduling tools allow candidates to see available slots in their time zones, eliminating misunderstandings.

Steer clear of unintentionally ageist practices as you think about each interview or screening phase. For example, some people stereotype older workers as less tech-savvy. However, that’s not necessarily true. Indeed, these people typically didn’t grow up with technology the same way younger generations have. But many have taken it upon themselves to learn new skills and keep up with changes. Similarly, they’re often eager to learn and prove themselves, even if that means going outside their comfort zones. 

While describing each interview phase to successful candidates, be sufficiently descriptive to set expectations. For example, you might say, “You’ll meet with two senior team leads and the chief technology officer during this interview, which will last approximately 90 minutes. We’ll then send an assessment test by email that you must return to within 48 hours.” That way, everyone is on the same page with the proper information. 

Prioritize Continual Development 

A potential downside of bringing remote web designers on board is that you’re not necessarily interacting with them every day. That could mean you’re less informed about a remote worker’s career progress and aspirations. Fortunately, practical solutions exist. 

Introduce all your company’s professional development opportunities during the hiring phase. Emphasize to candidates that leaders are serious about making the workforce well-equipped to tackle current and existing needs. While explaining the company’s perks to someone in a late-stage interview, you might mention how each worker gets a yearly education budget to develop skills related to their work. Perhaps continual development means giving workers access to libraries of online courses and audiobooks or paying for their conference tickets.

Sometimes, an organization’s push for ongoing education happens after a downturn. Consider how LEGO cut 8% of its workforce due to sales declines. Part of the subsequent workforce rejuvenation effort involved polling all employees to learn which characteristics leaders possessed. Bravery, curiosity and focus were some of the leading aspects. Company decision-makers used those takeaways for inspiration when building an open-source leadership playground. That resource attracted 800 workers who wanted to develop their leadership skills. 

Even when remote web designers love their work arrangements, some may occasionally feel isolated from their colleagues. That reality can be especially hard for new hires who might experience early challenges fitting in and getting to know people. That’s why many companies host retreats for remote teams. Those getaways help attendees form bonds in new, exciting environments. They’re fun, with a heavy dose of professional development. 

Showing candidates that continuing development is a foundational aspect of your company is a great way to encourage them to stay accountable and pursue ongoing growth. This approach also sets your organization apart in a competitive market.

Are You Ready to Hire Remote Web Designers

Finding the best-qualified remote web designers isn’t easy, but expanding your candidate pool to accommodate remote workers is an excellent way to remove many barriers. Follow the tips above to move through all phases of recruitment without hassle.

TripleBlind conducted a survey of 150 chief data officers (CDOs), as well as other executives in the healthcare and financial services industries. Interestingly, some 94% believe that deploying data privacy tech will lead to increased revenue for their organizations, especially tech that enforces privacy regulations. In addition, 37% believe improved collaboration could increase revenue up to 20%, while 46% believe they could gain a competitive advantage through increased data collaboration.

TripleBlind’s survey also shed light on exactly what CDOs are concerned about.

• 64% are concerned that employees at partner organizations may not abide by legal agreements regarding the use of data.
• 60% are concerned that employees at partner organizations will violate HIPPA laws and/or privacy regulations.
• 60% are concerned that privacy-enhancing technology (PET) used by partner organizations may modify data in a way that hinders analysis.

“There is strong agreement that optimizing effective data collaboration through advanced PET solutions will result in both increased revenues and enhanced competitive advantage,” said Riddhiman Das, TripleBlind’s Co-founder and CEO. “Today, advanced PET solutions exist that render legal agreements obsolete and prevent people at both the data user and data owner from using data in a way that violates HIPAA and other data privacy regulations or modifies data in a way that results in inaccurate analyses.”

The findings stand in stark contradiction to some companies’ claim that stricter privacy standards will lead to increased costs and decreased profits.

Arvin Patel, Nokia’s Chief Licensing Officer, explained the company’s action in a blog post:

Today, we have commenced legal action against Amazon for the unauthorized use of Nokia’s video-related technologies in its streaming services and devices. Cases have been filed in the US, Germany, India, the UK, and the European Unified Patent Court.

Amazon Prime Video and Amazon’s streaming devices infringe a mix of Nokia’s multimedia patents covering multiple technologies including video compression, content delivery, content recommendation and aspects related to hardware.

Separately, we have also filed cases in the US against HP for the unauthorized use of Nokia’s patented video-related technologies in their devices.

Patel made clear that litigation is never Nokia’s first choice, but the company was left with no choice in these particular instances:

I want to stress that litigation is never our first choice. The vast majority of our patent licensing agreements are agreed amicably. To put this into context, since 2017, we have concluded or extended over 250 licenses – including amicable licenses with Apple and Samsung – and launched just 6 litigation campaigns. We’ve been in discussions with each of Amazon and HP for a number of years, but sometimes litigation is the only way to respond to companies who choose not to play by the rules followed and respected by others. And let’s be clear: Amazon and HP benefit significantly from Nokia’s multimedia inventions.

The executive also made clear Nokia’s stance that entire industries have been enabled and powered by its investments and innovations:

It’s no secret that Over-the-top (OTT) streaming is a huge growth market. In 2022, the global OTT streaming market generated almost $150 billion in revenue. This year it is expected to grow to more than $170 billion. And by 2027 the market is estimated to reach $300 billion. Yet, there’s a mismatch between those who invested in developing the technologies that underpin streaming services and those who benefit the most. For example, since 2000, Nokia has invested more than €140 billion (and over €4.5 billion last year alone) in R&D for cutting edge technologies including cellular and multimedia. As a result, we hold one of the world’s strongest patent portfolios of connectivity and multimedia technologies – and it is no exaggeration to say that entire industries are powered by these inventions.

The patent case will be interesting to watch and could have a significant impact on the streaming market.

The Canadian Radio-television and Telecommunications Commission (CRTC) announced its plan to regulate podcasts in an effort “to modernize Canada’s broadcasting framework and ensure online streaming services make meaningful contributions to Canadian and Indigenous content.”

The CRTC unveiled two new guidelines that will apply to the industry:

First, the CRTC is setting out which online streaming services need to provide information about their activities in Canada. Online streaming services that operate in Canada, offer broadcasting content, and earn $10 million or more in annual revenues will need to complete a registration form by November 28, 2023. Registration collects basic information, is only required once and can be completed in just a few steps.

Second, the CRTC is setting conditions for online streaming services to operate in Canada. These conditions take effect today and require certain online streaming services to provide the CRTC with information related to their content and subscribership. The decision also requires those services to make content available in a way that is not tied to a specific mobile or Internet service.

The agency will hold a third consultation to discuss possible further regulation.

“We are developing a modern broadcasting framework that can adapt to changing circumstances,” said Vicky Eatrides, Chairperson and Chief Executive Officer, CRTC. “To do that, we need broad engagement and robust public records. We appreciate the significant participation during this first phase and look forward to hearing a diversity of perspectives at our contributions proceeding in November.”

It goes without saying that the CRTC’s regulation is already drawing widespread condemnation, with many saying the move is an attack on free speech.

WeWork set out to revolutionize the office space, providing a way for companies and freelancers alike to rent work space as needed. Despite its promise, the company has been plagued with issues and criticisms, including concerns over its ability to be profitable.

In its latest quarterly results, the company adds fuel to the fire, admitting there is “substantial doubt” about its future viability:

In addition, as disclosed in WeWork’s Quarterly Report for the three and six months ended June 30, 2023 (the “Second Quarter 10-Q”), as a result of the Company’s losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is contingent upon successful execution of management’s plan to improve liquidity and profitability over the next 12 months.

The company outlines a multi-step plan to improve profitability, including reducing rent costs, reducing member churn, increasing sales, and seeking out additional capital.

“In a difficult operating environment, we have delivered solid year-over-year revenue growth and dramatic profitability improvements,” David Tolley, Interim Chief Executive Officer, commented. “Excess supply in commercial real estate, increasing competition in flexible space and macroeconomic volatility drove higher member churn and softer demand than we anticipated, resulting in a slight decline in memberships.”

“We are confident in our ability to meet the evolving workplace needs of businesses of all sizes across sectors and geographies, and our long term company vision remains unchanged,” continued Tolley. “Although we have more work to do, the talent and energy of the WeWork team is extraordinary and we are resolutely focused on delivering for our members for the long term. The company’s transformation continues at pace, with a laser focus on member retention and growth, doubling down on our real estate portfolio optimization efforts, and maintaining a disciplined approach to reducing operating costs.”

Microsoft’s revenue was $56.2 billion, an increase of 8%. Its operating income was $24.3 billion, up 18%. Most notably, the company’s net income came in at $20.1 billion, an increase of 20%.

“Organizations are asking not only how – but how fast – they can apply this next generation of AI to address the biggest opportunities and challenges they face – safely and responsibly,” said Satya Nadella, chairman and chief executive officer of Microsoft. “We remain focused on leading the new AI platform shift, helping customers use the Microsoft Cloud to get the most value out of their digital spend, and driving operating leverage.”

Microsoft execs credited strong cloud growth as the driving force behind the company’s results.

“We delivered a solid close to the fiscal year driven by Microsoft Cloud quarterly revenue of $30.3 billion, up 21% (up 23% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

Microsoft has been leading the industry in its rollout of AI tech across its platform, and the company has been nipping at Amazon’s heels in the cloud industry. It appears those efforts are paying off.

Appointment scheduling provides small businesses with an easy way to manage appointments with clients. The service integrates with Stripe, and gives business owners the ability to manage their available appointments, set a price, and set buffers or limit the number of appointments.

According to Google, the company is bringing the feature to Gmail and Calendar for individual accounts as well.

Today, we’re excited to bring appointment scheduling to even more users by allowing anyone with a personal Google account to create one booking page. Businesses can create pages to easily accept bookings for consultations, appointments, or meetings with customers and partners. Booking pages can also be used outside the workplace to book time with friends and family, or to make yourself available to your professional network. The expansion of appointment scheduling will start today and roll out over the coming weeks.

If you need additional, premium features that allow you to create an unlimited number of booking pages, send automated email reminders to bookers, check multiple calendars for availability, and verify booker emails, businesses can sign up for a Google Workspace subscription. And starting today, we’re rolling out access to these additional premium features through Google One Premium plans for personal use.

Google and Stripe tout the collaboration between the two platforms as a major win for small businesses.

“Making appointment booking and payment ridiculously easy for customers means less administrative work and more revenue for businesses,” said Mike Clayville, Chief Revenue Officer at Stripe.

Mayer served as CEO of Yahoo from 2012 to 2017 during a period of significant decline for the company. One of her worst decisions was spearheading the purchase of Tumbler for $1.1 billion in 2013. Mayer has admitted in an interview with Tech Brew that Hulu or Netflix would have been a much better option.

Senior Reporter Patrick Kulp asked Mayer what her biggest regret was from her time at Yahoo. Mayer said there were actually three:

My perspective on Yahoo is there are probably three things I would have done differently. One is obvious—I hired the wrong COO; I would have hired a different COO. I would have hired [current Integral Ad Science CEO] Lisa Utzschneider, who became my chief revenue officer. And that would have been great.

We looked at a transformative acquisition, and we bought Tumblr. At the same time, we were also considering whether it was possible to buy Hulu or, ironically, Netflix. And I think Netflix was 4 billion and Hulu was at 1.3 billion at the time. And either of those, with hindsight being 20/20, would have been a better acquisition.

And probably the biggest one—if you made me name just one—is that we should have done the tax-free Alibaba spinoff to separate the assets of the company. Because one, if we had done that, it would have saved $10 billion for our shareholders or made them that money, whichever way you look at it, in taxes that were paid. And two, it would have allowed Yahoo to continue as an independent company, and it would have potentially had more success. Now it is an independent company and privately held by private equity. But I’m not sure that the foray through Verizon was as helpful to some of the technologies and what they had to offer as it could have been.

It’s interesting that missing out on a Netflix or Hulu acquisition ranks among Mayer’s top three regrets at Yahoo. Despite the hefty purchase price, Yahoo was never able to capitalize on Tumblr and ultimately wrote down its value by $230 million a mere three years later.

The company reported revenue of $52.9 billion, an increase of 7% over the year-ago quarter. Operating income came in at $22.4 billion, an increase of 10%, and net income was $18.3 billion, an increase of 9%.

CEO Satya Nadella credited the company’s AI and cloud endeavors for boosting the quarter.

“The world’s most advanced AI models are coming together with the world’s most universal user interface – natural language – to create a new era of computing,” said Nadella. “Across the Microsoft Cloud, we are the platform of choice to help customers get the most value out of their digital spend and innovate for this next generation of AI.”

The company’s Intelligent Cloud revenue came in at $22.1 billion, representing a 16% increase, while server products and cloud services revenue were up 17%. Azure was the big highlight, with it and other cloud services revenue up 27%.

LinkedIn was another bright spot for the company, with revenue increasing by 8%.

“Focused execution by our sales teams and partners in this dynamic environment resulted in Microsoft Cloud revenue of $28.5 billion, up 22% (up 25% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

Infotainment solutions that integrate with a driver’s mobile phone have become increasingly popular, with Apple and Google making the two most widely used options. GM wants more control over the experience, and is turning to Google to help it create its own solution.

One goal of the new project is evidently to lessen the reliance on the smartphone.

“We have a lot of new driver assistance features coming that are more tightly coupled with navigation,” Mike Himche, executive director of digital cockpit experience, told Reuters. “We don’t want to design these features in a way that are dependent on person having a cellphone.”

The company is also planning to make the new system a subscription service, opening up another possible revenue stream.

“We do believe there are subscription revenue opportunities for us,” said Edward Kummer, GM’s chief digital officer.

The 2024 Chevrolet Blazer will be the first GM vehicle to no longer offer CarPlay or Android Auto.

Usually among the best airlines for customer service, Southwest experienced a tech breakdown that led to 16,700 flights cancelled in a span of 10 days. Eager to put the issue behind it, the airline is turning to AWS to help it further its digital transformation.

“As our preferred cloud provider, AWS will offer solutions that are critical in our drive to modernize our operation, equip our employees with the tools they need to serve our customers, and improve our reliability,” said Lauren Woods, senior vice president and chief information officer of Southwest Airlines Co. “With the help of AWS’s leading cloud technology and expertise, we will launch improved digital solutions, responsive customer support, and streamlined operations as we deliver on our digital transformation initiatives.”

In particular, Southwest hopes the nature of cloud deployments will help it better scale in the future, as well as provide effective ways to deliver next-generation services. This is especially critical since 83% of the company’s revenue comes from its website and app.

“Southwest Airlines is one of the world’s largest low-cost carriers, operating 4,000 flights daily during peak travel season,” said Matt Garman, senior vice president of Sales, Marketing, and Global Services at AWS. “AWS’s proven experience in the travel industry, coupled with our vast portfolio of cloud technologies, empowers Southwest to increase operational resiliency, drive cost efficiency, and deliver exceptional experiences for its employees and customers. Our shared culture of customer obsession will help Southwest innovate new travel solutions that will enhance customer touchpoints, flight operations, and airplane and crew scheduling, to keep air travel affordable and enjoyable for passengers.”